Hellofresh flies out
Siemens Energy returns to the DAX
06.09.2022, 07:40 am
It’s a sign of the times: Hellofresh – once a beneficiary of lockdowns and working from home – has to leave the DAX behind again after only a short time. Siemens Energy – in the focus of the current energy crisis – manages to return to the list of the 40 most valuable stock exchange companies.
In the midst of the energy crisis, the energy technology group Siemens Energy is returning to the first German stock exchange league. The company, which only had to leave the DAX six months ago, will replace the food delivery service Hellofresh in two weeks – on September 19 – as announced by Deutsche Börse after the regular review of the index composition.
The Hellofresh shares, which had benefited massively from the corona pandemic with closed bars and home offices, have collapsed by almost two thirds this year. The start-up company is only worth a good four billion euros on the stock exchange.
Siemens Energy is also trading well below the price at which it was dropped from the index of the 40 most important stocks on the German Stock Exchange in March. However, the manufacturer of coal and gas power plants has stabilized its course after announcing the complete takeover of the ailing Spanish wind power subsidiary Siemens Gamesa.
The ranking according to the market capitalization of the free float is decisive for index membership. The basis for the forthcoming shifts was the last average price in August. Since the index reform after the Wirecard bankruptcy, additional regulations have applied to promotion to the DAX: Among other things, a candidate for promotion must have presented a positive operating result (Ebitda) for two years in a row.
Commerzbank actually more valuable
Commerzbank, which had been traded as a returnee to the DAX, is likely to have failed. Although it has a higher stock market value of the free float than Siemens Energy, it still made an operational loss in 2020. The delivery service Delivery Hero, which was demoted from the DAX in June, is not yet posting a positive Ebitda.
As expected, the gas importer Uniper, which has experienced great turbulence as a result of the sluggish natural gas deliveries from Russia and the market turmoil, has dropped from the MDAX small-cap index. The real estate group Grand City Properties and the IT service provider Cancom also slipped from the MDAX to the small-cap index SDAX. The recently merged German-American network specialist Adtran Holdings, the auto parts supplier Hella, which is majority-owned by the French company Forvia, and the spring specialist Stabilus have all risen to the MDAX.
Four companies are falling out of the SDAX, above all the ailing real estate investor Adler Group and – each after takeovers by financial investors – the real estate financier Aareal Bank and the shopping center investor Deutsche Euroshop as well as the office equipment mail order company Takkt from Stuttgart.
Three companies are new to the index that could benefit from the energy transition: the wind turbine builder Nordex, the wind and solar farm developer Energiekontor and the bioethanol producer CropEnergies, which belongs to the Südzucker Group. The graphite and carbon specialist SGL Carbon is also back in the SDAX.